‘Milk output from New Zealand is expected to lift this season and Fonterra has already made a small upwards revision in the volume of whole milk powder expected to be sold on GDT next season.’ — Susan Kilsby, AgriHQ
Dairy product prices rose for the sixth consecutive time at the latest Global Dairy Trade auction on Tuesday. The GDT Price Index climbed 0.6% from the prior auction that took place three weeks ago, with an average selling price of $3,395 per tonne. During the Tuesday auction, 22,0004 tonnes of dairy products were sold, compared to 21,236 tonnes sold at the preceding auction. Nevertheless, the price of whole milk powder dropped 2.9% to $3,143 per tonne. The price of cheddar surged 14.5%, the second highest lift since the commodity started trading on the GDT auction in July 2011, to $4,285 per tonne, whereas prices of skim milk powder jumped 7.9% to $2,156 per tonne. Meanwhile, the price of butter milk powder rose 5.8% to $2,092 per tonne, while prices of rennet casein climbed 4.8% to $6,849 per tonne. The price of butter advanced 3.3% to $5,631 per tonne, whereas lactose prices increased just 1.0% to $971 per tonne. Prices of anhydrous milk fat dropped 1.2% to 6,569 per tonne. Following the release, the Australian Dollar rose against its US counterpart to 71.92.
